Arlington Hospitality, Inc. Announces Fourth Quarter and 2003 Results; Sells Two Hotels; Line of Credit to Be Renewed Through April 2005.Business Editors ARLINGTON HEIGHTS Arlington Heights, village (1990 pop. 75,460), Cook county, NE Ill., a residential suburb of Chicago; founded 1836, inc. 1887. Its manufactures include machinery, drugs and medical equipment, and metal fabrication. Arlington Park racetrack is there. , Ill.--(BUSINESS WIRE)--April 1, 2004 Arlington Arlington, county, United States Arlington, county (1990 pop. 170,936), N Va., across the Potomac River from Washington, D.C. Arlington is a residential and commercial suburb of Washington. Hospitality, Inc. (Nasdaq/NM: HOST), a hotel development and management company, today announced results for the fourth quarter and year ended December December: see month. 31, 2003. The company also announced that it has sold two hotels in March and entered into a commitment to renew its operating line of credit through April 2005. 10-K Filing and Results Conference Call The company filed its form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. with the Securities and Exchange Commission yesterday. The document is accessible through the SEC's electronic filings database at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. , and will be on the company's Web site, www.arlingtonhospitality.com. At 4 p.m. ET on April 1, 2004, the company's senior management team will conduct a conference call to review fourth quarter and full-year 2003 financial results, followed by a question-and-answer period. Stockholders and other interested parties may participate in the conference call by calling (800) 219-6110, reference number 575396. Fourth Quarter and 2003 Results Revenues declined 15.6 percent in the 2003 fourth quarter to $15.1 million, compared to $17.9 million in the same period a year earlier, primarily reflecting lower revenues from the sale of hotels and fewer hotels owned and operated by the company. Net loss for the 2003 fourth quarter was $(1.9) million, compared to a net loss of $(1.9) million in the previous year. These results include non-cash hotel impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges of $262,000 pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta ($157,000 after tax) and $542,000 pre-tax ($320,000 after tax) in the fourth quarter of 2003 and 2002, respectively. The fourth quarter 2003 and 2002 results also include net losses from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $168,000 and $472,000, respectively, including additional impairment charges of $16,000 pre-tax ($10,000 after tax) and $450,000 pre-tax ($270,000 after tax), respectively, related to the non-AmeriHost hotels classified as discontinued operations. For full-year 2003, revenues rose 6.4 percent to $72.6 million from $68.2 million the prior year, due primarily to the revenue from the sale of more AmeriHost Inn hotels in 2003. The hotel sales also resulted in a decline in hotel operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. from consolidated AmeriHost Inn hotels during 2003. Net loss for 2003 was $(5.6) million, compared to a net loss of $(1.7) million for 2002. These results include non-cash hotel impairment provisions of approximately $5.1 million pre-tax ($3.0 million after tax) and $542,000 pre-tax ($320,000 after tax) in 2003 and 2002, respectively. In addition, the company reported a loss from discontinued operations of approximately $1.5 million and $1.1 million, both net of tax, including approximately $909,000, pre-tax ($571,000 after tax) and $450,000 pre-tax ($270,000 after tax) of additional impairment, in 2003 and 2002, respectively, related to the non-AmeriHost hotels classified as discontinued operations. The above-mentioned A`bove´-men`tioned a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. non-cash hotel impairment charges have been recorded primarily in connection with the company's previously announced plan for hotel disposition and increased focus on hotel development. Discontinued operations relates to the operations of the non-AmeriHost Inn hotels sold, or expected to be sold within the next 12 months, which have been reclassified from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the . Net income (loss), and its components, is summarized below for the years ended December 31, 2003, 2002 and 2001:
(In thousands)
2003 2002 2001
------------------------------
Net income (loss) from continuing
operations, before impairment $(1,123) $ (336) $ 971
Impairment provision, net of
tax (3,040) (320) -
Net income (loss) from continuing
operations (4,163) (656) 971
Discontinued operations, net of
tax (1,456) (1,054) (215)
------------------------------
Net income (loss) $(5,619) $(1,710) $ 755
==============================
Net income (loss) per share - Diluted:
From continuing operations $ (0.83) $ (0.13) $ 0.17
From discontinued operations (0.29) (0.21) $ (.04)
------------------------------
$ (1.12) $ (0.34) $ 0.13
==============================
"2003 was a year of significant transition for Arlington, as we began implementing a new strategy that focuses on hotel development and sales rather than our previous ownership/ operations business model," said Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. H. Herman Herman only goal in life becomes winning at cards. [Russ. Opera: Tchaikovsky, Queen of Spades, Westerman, 401] See : Obsessiveness , president and chief executive officer. "We initiated a hotel disposition program to sell off nearly half of our hotel assets and redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. the proceeds into an expanded development program that envisions building or acquiring/converting 10 to 15 AmeriHost Inns annually by the end of 2005. We also significantly strengthened our hotel development team to match our business goals, and recently completed the implementation of new marketing efforts to enhance hotel revenues. In addition, we significantly reduced our mortgage debt, and continued our efforts to expand the AmeriHost Inn brand owned by Cendant Cendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. Although the company was based out of New York City, the majority of Cendant's headquarters employees were located in Parsippany-Troy Hills, Corporation (NYSE NYSE See: New York Stock Exchange : CD)." Sells Two Hotels in March In March 2004, the company sold two hotels: the 84-room AmeriHost Inn in Redding Redding, city (1990 pop. 66,462), seat of Shasta co., N central Calif., on the Sacramento River; inc. 1872. A principal tourist center for a mountain and lake region, it also has lumbering, food-processing, and diverse manufacturing. , Calif., and the 60-room AmeriHost Inn in Upper Sandusky, Ohio Upper Sandusky is a city in Wyandot County, Ohio, United States, along the Sandusky River. The population was 6,533 at the 2000 census. It is the county seat of Wyandot CountyGR6. Its current mayor is Kenneth Richardson. . Gross proceeds from the two sales were $7.1 million, and the company subsequently reduced its hotel mortgage debt by $3.9 million. Line of Credit Renewal The company announced that it has entered into a commitment to renew its line of credit with LaSalle Bank LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. NA through April 30, 2005. Under terms of the lender's commitment, Arlington's current $5.5 million line limit will be reduced through hotel sales-related paydowns and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. the passage of time to $3.5 million. In addition, the interest rate will be adjusted to 10 percent annually. The loan covenants A loan covenant is a condition in a commercial loan or bond issue that requires the borrower to fulfill certain conditions or forbids the borrower from undertaking certain actions, or possibly restricts certain activities to circumstances when other conditions are met. will be similar to those in the existing facility. In anticipation of this new reduced limit, the company already has used some of the proceeds from the two March hotel sales to pay down the current line of credit to the $4.0 million level. As a result of these hotel sales, the limit on the renewed line of credit will begin at $4.0 million, stepping down to $3.5 million on February February: see month. 28, 2005. The commitment is subject to the closing of the renewed loan by April 30, 2004. "As we begin to shift more to a development mode, we intend to seek longer-term financing to better align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. with the duration of the development and sales cycle times, as well as new construction or acquisition/conversion financing," Herman said. "We also are considering engaging an investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and in the near future to assist us in achieving this goal." AmeriHost Inn Room Revenues Fourth quarter 2003 same-room revenue per available room (RevPAR RevPAR A performance metric in the hotel industry which stands for "revenue per available room." RevPAR is typically calculated by multiplying a hotel's average daily room rate (ADR) by its occupancy rate. ) for the company's AmeriHost Inn hotels increased 1.2 percent to $29.08, compared to the same period a year earlier. Same-room RevPAR for the AmeriHost Inn hotels for all of 2003 was down slightly, 0.3 percent, to $32.40. The comparable midscale without food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. segment, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Smith Travel Research, was up 3.8 percent and up 0.5 percent, respectively, for the 2003 fourth quarter and full year.
Arlington Hospitality's AmeriHost Inn 2003 Results(1)
Three Months Twelve Months
Ended Ended
December 31 December 31
----------------------------------
Occupancy - 2003 51.5% 56.7%
Occupancy - 2002 51.1% 56.7%
Increase (decrease) 0.8% 0.0%
Average Daily Rate - 2003 $56.49 $57.15
Average Daily Rate - 2002 $56.15 $57.25
Increase (decrease) 0.6% (0.2%)
Revenue per Available Room - 2003 $29.08 $32.40
Revenue per Available Room - 2002 $28.71 $32.48
Increase (decrease) 1.2% (0.3%)
(1) Same hotel property results for AmeriHost Inns opened at least 13
months during the period presented.
2003 Highlights -- Disposition program update--In July July: see month. 2003, the company unveiled a plan to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose 25 to 30 hotels over a two-year period. From January January: see month. 1, 2003 through July 2003, the company had sold five hotels and, for the full year, sold 11 hotels, a single-year Arlington record. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 144, "Accounting for Long-Lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. Assets," the company's AmeriHost Inn hotel assets designated for sale within the next 12 months have been classified as "held for sale" on the accompanying balance sheet as of December 31, 2003. The operations of these hotels have not been treated as "discontinued operations" in the consolidated statement of operations See Income statement. due to the company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. royalty-sharing agreement with Cendant for all AmeriHost Inn hotels, which provides for a revenue stream to the company after the properties are sold and remain AmeriHost Inns. The operations of the non-AmeriHost Inn hotels to be sold under the disposition program have been reclassified from the company's continuing operations and presented as "discontinued operations" on the consolidated statements of operations. "With the economy and hotel industry showing signs of recovery, we are seeing increased interest from potential buyers of our hotels," he noted. "We have engaged multiple brokers to assist in the marketing of our hotels. We currently have five hotels under sales agreements and are marketing an additional 20 properties. At this time, we believe we will achieve total net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of between $11.9 million and $12.3 million as a result of the plan we refer to as Operation Sell (including hotels already sold), which falls within the lower end of our previously announced range of $11.5 million to $14.7 million." It should be noted that when the company has hotels under contract for sale, even with nonrefundable Nonrefundable Not permitted, under the terms of an indenture, to be refundable. cash deposits in certain cases, certain conditions to closing remain, and there can be no assurance that these sales will be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. as anticipated. Any forecasted amounts from closed or pending sales could differ from the final amounts included in the company's applicable quarterly and annual financial statements when issued. Furthermore, such forecasted amounts do not represent guidance on, or forecasts of, the results of the company's entire consolidated operations, which are reported on a quarterly basis. Information on Arlington's hotels being brokered for sale can be obtained by calling Steve Miller The name Steve Miller might refer to:
n. Abbr. VP 1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death. 2. of Real Estate and Business Development, at 847-228-5400, extension 312, or e-mailing stevem@arlingtonhospitality.com . -- Development program update--The company revamped its development program, enhancing and expanding its development team with the hiring of three experienced industry veterans. The company began construction on one hotel and opened four hotels during 2003. "Steve Miller and his team came on board in the second half of 2003 and have conducted a thorough review of development opportunities in certain regions of the country. Based on their research, we will first focus our future development in markets where we have a proven track record, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians . We also have identified certain areas in the Southeastern U.S. where we might possibly expand the AmeriHost Inn brand. We expect to break ground on at least one property in the Midwest during the second quarter, using our 80- to 90-room design, which was created for larger markets." "Most of the development, which will be the updated design in larger markets, is expected to be in joint ventures or building for third parties, and our outreach Outreach is an effort by an organization or group to connect its ideas or practices to the efforts of other organizations, groups, specific audiences or the general public. efforts to these parties is scaling up," Herman pointed out. -- Lease restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). update--The company also announced February 26, 2004 that it, on behalf of a wholly-owned subsidiary, was attempting to restructure the terms of 21 long-term leases on AmeriHost Inn hotels with its hotel landlord, PMC (1) See Portable Media Center. (2) (PCI Mezzanine Card) A PCI-based mezzanine card that is widely adapted to VMEbus, CompactPCI and PCI cards. Commercial Trust (AMEX AMEX See: American Stock Exchange : PCC PCC prothrombin complex concentrate. ). Arlington announced on March 16, 2004 that the parties entered into a temporary letter agreement that expires on April 30, 2004 and provides that base rent will continue to accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. at the rate of approximately $445,000 per month, as set forth in the lease agreements. However, the base rent payments due and payable on March 1, 2004 and April 1, 2004 were reduced to approximately $360,000 per month. Additionally, the company's subsidiary was allowed to utilize $200,000 of its security deposit held with PMC to help fund these payments. When the temporary letter agreement expires on April 30, 2004, the company's deferred portion of the base rent (approximately $170,000) will be due, and the security deposit must be restored by $200,000 to its March 12, 2004 balance. The temporary agreement also provided for the gathering and sharing of certain information regarding a possible restructuring of the lease. "Resolving this issue is a top priority for us," said Herman. "We currently are in a fact-exchanging stage and expect to move into further negotiations. Of course, there can be no assurance of the outcome of such negotiations and our efforts for a mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" restructuring of the lease." -- Strengthened the balance sheet--During the year, the company used the proceeds from the sale of 10 hotels to reduce the company's long-term mortgage debt by $16.5 million. As of December 31, 2003, the company's total mortgage debt and line of credit balance was $69.7 million, or 15.7 percent lower than the December 31, 2002 total balance of $82.6 million. The company expects to continue reducing its long-term mortgage debt through Operation Sell. -- Enhanced Cendant fees--"During the year, the AmeriHost Inn brand broke through the 100-property barrier, a significant milestone," Herman noted. The brand ended the year with 103 hotels, including opening the first property in Canada. The number of AmeriHost Inns franchised by companies other than Arlington increased to 46 properties in 2003, up from 10 hotels at the end of 2000. As a result, Arlington's incentive and royalty sharing fees rose 38 percent to $278,000 in the 2003 fourth quarter and improved 65 percent to $972,000 for the year, compared to the same 2002 periods. Common Stock Update In the 2003 fourth quarter, the company completed a 1-for-100 reverse stock split, which immediately was followed by a 100-for-1 forward split. The shares of approximately 800 stockholders who owned less than 100 shares each, or approximately 33,000 common shares in the aggregate, were redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. by the company, resulting in an approximate 40 percent reduction in our number of shareholders. Shareholders owning 100 or more shares prior to the split were not affected by this transaction. From time to time, the company may utilize cash to purchase its own common stock. Currently, the board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the company to buy back, at any time and without notice, up to 1 million shares of its own common stock under certain conditions. In 2003, the company purchased 36,800 shares under this authorization The right or permission to use a system resource; the process of granting access. See access control. in addition to the reverse-forward spilt spilt v. A past tense and a past participle of spill1. purchases. About Arlington Hospitality Arlington Hospitality, Inc. is a hotel development and management company that builds, operates and sells mid-market hotels. Arlington is the nation's largest owner and franchisee of AmeriHost Inn hotels, a 103-property mid-market, limited-service hotel brand owned and presently franchised in 22 states and Canada by Cendant Corporation (NYSE: CD). Currently, Arlington Hospitality, Inc. owns or manages 62 properties in 16 states, including 55 AmeriHost Inn hotels, for a total of 4,511 rooms, with one additional AmeriHost Inn & Suites hotels under construction. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should," and "could." There are numerous risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. For a discussion of these factors, see the Company's report on Form 10-K for the year ended December 31, 2003 under the section headed "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations-Risk Factors."
ARLINGTON HOSPITALITY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Year Ended
December 31, December 31,
-------------------------------------------------
2003 2002 2003 2002
-------------------------------------------------
Revenue:
Hotel Operations:
AmeriHost Inn
hotels $8,569,402 $9,634,098 $39,823,522 $43,216,506
Other hotels 303,402 514,975 1,639,306 2,274,089
Development and
construction 1,718,783 1,439,268 4,196,878 7,180,222
Hotel sales and
commissions 3,756,685 5,116,763 22,831,102 10,017,080
Management services 92,865 194,161 445,862 957,801
Employee leasing 193,428 618,152 1,858,103 3,267,491
Incentive and
royalty sharing
fees 277,625 201,947 972,219 588,938
Office building
rental and other 212,618 198,527 749,782 669,769
-------------------------------------------------
15,124,808 17,917,890 72,516,774 68,171,896
-------------------------------------------------
Operating costs and expenses:
Hotel operations:
AmeriHost Inn
hotels 7,200,073 7,895,175 30,624,701 31,570,220
Other hotels 324,073 538,615 1,855,957 2,144,693
Development and
construction 2,011,352 1,636,611 4,739,296 7,205,328
Hotel sales and
commissions 3,549,398 4,630,779 19,328,404 8,159,459
Management services 74,706 210,193 280,383 714,648
Employee leasing 186,418 615,588 1,798,714 3,208,708
Office building
rental and other 71,849 (60,161) 214,232 56,757
------------------------------------------------
13,417869 15,466,800 58,841,687 53,059,813
------------------------------------------------
1,706,939 2,451,090 13,675,087 15,112,083
Depreciation and
amortization 834,564 1,116,813 3,602,049 4,338,641
Leasehold rents -
hotels 1,230,229 1,251,994 5,033,210 5,112,019
Corporate general
and administrative 929,799 670,010 2,419,485 2,198,640
Hotel impairment
adjustments 261,773 542,019 5,069,781 542,019
------------------------------------------------
Operating income
(loss) (1,549,426) (1,129,746) (2,449,438) 2,920,764
------------------------------------------------
Other income
(expense):
Interest expense (820,611) (1,001,245) (4,087,120) ( 4,762,527)
Interest income 117,092 79,987 467,538 489,747
Other income
(expense) 65,222 237,616 (62,928) 329,959
Gain on sale of
fixed assets - -- 400,000 727,076
Equity in net income
and (losses) of
affiliates (312,293) (352,208) (724,575) (412,094)
---------------------------------------------------
Income (loss)
before minority
interests and
income taxes (2,500,016) 2,165,596) (6,456,523) (707,094)
Minority interests
in operations of
consolidated
subsidiaries and
partnerships (33,371) (30,104) (162,304) (121,088)
---------------------------------------------------
Income (loss)
before income
taxes (2,533,387) (2,195,700) (6,618,827) (828,162)
Income tax benefit
(expense) 841,000 736,000 2,456,000 172,000
---------------------------------------------------
Net income (loss)
from continuing
operations (1,692,387) (1,459,700) (4,162,827) (656,162)
Discontinued
operations, net of
tax (168,125) (472,235) (1,455,753) (1,053,770)
---------------------------------------------------
Net income (loss) $(1,860,512)$(1,931,935) $(5,618,580) $(1,709,932)
===================================================
Net income (loss)
from continuing
operations per
share-diluted $ (0.34) $ (0.29) $ (0.83) $ (0.13)
Net income
(loss) per
share-diluted $ (0.37) $ (0.39) $ (1.12) $ (0.34)
Weighted average
common shares
outstanding -
diluted 5,012,205 4,959,259 5,011,572 4,958,438
ARLINGTON HOSPITALITY, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
----------------------------------------------------------------------
December 31, December 31,
2003 2002
-----------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 3,623,550 $ 3,969,515
Accounts receivable 1,289,492 2,064,463
Notes receivable 146,000 100,000
Prepaid expenses and other current
assets 1,142,032 975,432
Refundable income taxes 975,316 1,574,776
Costs and estimated earnings in excess
of billings on uncompleted contracts 1,232,481 1,479,101
Assets held for sale - other brands 10,603,160 --
Assets held for sale - AmeriHost
hotels 28,162,442 --
---------------------------
Total current assets 47,174,473 10,163,287
Investments in and advances to
unconsolidated hotel joint ventures 3,309,344 4,291,504
Property and equipment, net 39,553,879 99,611,340
Notes receivable, less current portion 867,500 782,083
Deferred income taxes 6,071,000 2,427,000
Other assets, net 2,737,217 2,658,500
---------------------------
$ 99,713,413 $119,933,714
===========================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,768,402 $ 3,965,028
Bank line-of-credit 3,850,000 6,384,287
Accrued expenses and other current
liabilities 3,781,341 4,771,000
Current portion of long-term debt 1,195,050 4,038,301
Liabilities of assets held for sale -
other brands 9,585,492 --
Liabilities of assets held for sale -
AmeriHost Inns 28,540,561 --
---------------------------
Total current liabilities 49,720,846 19,158,616
Long-term debt, net of current portion 26,513,398 72,203,688
Deferred income 11,361,927 10,867,418
Minority interests 329,819 333,888
Shareholders' equity 11,787,423 17,370,104
---------------------------
$ 99,713,413 $119,933,714
===========================
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